Australian Sports Betting Glossary: 80+ Terms Every AU Punter Should Know
Every term Australian punters encounter, defined clearly. From the basics like vig and EV to the advanced concepts like CLV and de-vigging, organised alphabetically for easy reference.
Daniel Pham
Quantitative Strategy Lead
14 min read·Published 15 Sept 2025
Australian sports betting has a vocabulary all its own — a mix of global betting terminology, AU-specific bookmaker slang, racing-specific argot, and advantage betting concepts. This glossary covers 80+ terms organised alphabetically. For any term that has a deeper article or guide on Krok Odds, the full piece is linked from the entry.
A
Anytime Try Scorer (ATS): a betting market where you bet on whether a specific NRL or AFL player will score a try at any point during the match. Distinct from First Try Scorer (FTS), which requires the specific first try.
Arbitrage / Arb / Surebet: a betting structure where you place bets on every outcome of a market across multiple bookmakers at prices guaranteeing a profit regardless of result. See the complete surebet guide.
Arber: a person who places arbitrage bets systematically as part of an advantage betting operation.
Asian Handicap: a soccer betting market that eliminates the draw outcome by applying a handicap to one side. More commonly used in international soccer than AU domestic markets.
Back / Backing: betting that an outcome will happen. On Betfair Exchange, the opposite of laying.
Bankroll: the total capital allocated to betting. Distinct from your daily living money. Bankroll management is fundamental to advantage betting. See the bankroll guide.
BSP (Betfair Starting Price): the unique starting price calculated by Betfair Exchange at the moment a race jumps, based on equilibrium of all unmatched orders. See the BSP explainer.
Best of BSP: a Betfair feature where back bets settle at the higher of your specified fixed price or the BSP at race start.
Book Percentage / Overround: the sum of implied probabilities of all outcomes in a betting market. Above 100% means the bookmaker has positive margin; below 100% indicates an arbitrage opportunity.
Bookmaker / Bookie / Sportsbook: a company licensed to accept bets and pay winnings. AU corporate bookmakers include Sportsbet, TAB, Bet365, Ladbrokes, Neds, PointsBet, BlueBet, BetRight, Unibet, TABtouch, Dabble.
BTTS (Both Teams to Score): a soccer betting market on whether both teams will score at least one goal in the match.
C
Cash Out: a feature where the bookmaker offers you a guaranteed return less than the maximum potential payout, before the market closes. Bookmaker cash out always carries hidden vig.
Closing Line: the final price at which a market closes before the event begins. Considered the most accurate probability estimate for that event by professional bettors.
CLV (Closing Line Value): the percentage difference between your bet's price and the closing line price. Positive CLV is the most reliable indicator that your betting process is profitable. See the CLV guide.
Commission: the fee Betfair Exchange charges on net winnings (typically 6.5% in Australia). Distinct from bookmaker vig.
Correct Score: a soccer betting market on the exact final score of a match.
D
Decimal Odds: the standard odds format in Australia ($2.00, $3.50). The decimal indicates total return per dollar staked including the original stake. $2.00 means a $1 bet returns $2 on win.
De-Vigging: the technique of removing the bookmaker's margin from a price to reveal fair odds. See the de-vigging guide.
Draw No Bet (DNB): a soccer market where if the match ends in a draw, your stake is refunded. Removes the draw outcome from consideration.
E
EV (Expected Value): the average return per bet, calculated from your true-probability estimate against the offered odds. Positive EV bets are profitable long-term. See the EV calculation guide.
Exchange: a platform like Betfair where punters bet against each other rather than against a bookmaker. The exchange takes commission rather than building margin into prices.
Eighth Kelly: a fractional Kelly sizing method using 12.5% of full Kelly. Conservative sizing for periods of high uncertainty.
F
Factor Down: AU bookmaker term for restricting an account by reducing the maximum accepted stake. Synonymous with gubbing.
Favourite: the team or selection priced shorter than 50% implied probability — i.e. the bookmaker's expected winner.
FBP (First Try Scorer / First Goal Scorer): AU bookmaker abbreviation for first scorer markets.
First Try Scorer (FTS): a betting market on the specific first try scorer of an NRL/AFL match.
Fixed Odds: betting at a price determined when the bet is placed. Distinct from tote (pari-mutuel) betting where the final price depends on the pool.
Full Kelly: the mathematically optimal Kelly stake size assuming perfect probability estimates. Rarely used in practice due to extreme variance.
Futures: betting on outcomes that resolve weeks or months in the future, like AFL Premiership winner or A-League Championship.
G
Gubbing / Gubbed: being restricted by a bookmaker to reduced maximum stakes after being identified as a sharp customer. Also called factor-down. See the gubbing guide.
H
Half Kelly: a fractional Kelly sizing method using 50% of full Kelly. Compromise between full Kelly variance and lower growth.
Handicap: a margin applied to a team or selection in line betting. AFL handicaps are typically -10.5 to -40.5 for favourites. Also called point spread or line.
Head-to-Head (H2H): betting on which team will win, ignoring margins. The simplest betting market.
Hedge: placing a second bet to reduce risk on an existing position. Distinct from middle betting (which captures EV) and arbitrage (which guarantees profit).
Hold: the bookmaker's margin or vig. Low hold markets have minimal margin built into prices.
I
IGA (Interactive Gambling Act): the AU federal legislation regulating online gambling. Among other restrictions, prohibits AU corporate bookmakers from accepting in-play sports bets online. See the in-play piece.
Implied Probability: the probability of an outcome implied by the offered odds. Calculated as 1 / decimal odds.
In-Play / Live Betting: betting after an event has started. Restricted at AU corporate bookmakers; available at Betfair Exchange.
J
Juice: American betting slang for vig. The bookmaker's margin built into prices.
K
Kelly Criterion: a mathematical formula for optimal bet sizing based on expected edge and odds. See the Kelly calculator.
L
Lay / Laying: betting that an outcome will NOT happen. Available on Betfair Exchange. Not available at AU corporate bookmakers.
Liability: the maximum amount you can lose on a bet. For a back bet, equal to the stake. For a lay bet, calculated based on the lay price and stake.
Line / Spread: the handicap applied in line betting. See AFL line betting and NRL line betting articles.
Liquidity: the volume of money available in a betting market. Higher liquidity allows larger bets to be placed at the offered prices without moving the line.
Live Odds: odds on events currently in progress. AU corporate bookmakers cannot offer live odds online for sports under IGA restrictions.
Long Odds: high-decimal odds reflecting low implied probability — typically $5+ in AU markets. Higher payout but lower win probability.
M
Margin (Bookmaker): the bookmaker's vig or hold built into prices. Margin = (book percentage − 100%).
Margin (Match): the difference between teams' final scores in line betting markets.
Middle / Middling: betting both sides of a market at different lines to create a window where both bets win. See the middling guide.
Money-back Special: a promotional offer where the bookmaker refunds your stake (usually as bonus bet) if specific conditions are met. Common AU promo type.
Multi / Multi-Bet / Parlay / Accumulator: a single bet combining multiple selections that all must win. Vig compounds across legs. See the multi piece.
N
No Bet: a bet voided when conditions aren't met (e.g. scheduled event cancelled). Stake is refunded.
No-Vig Odds / Fair Odds / True Odds: the odds calculated by removing the bookmaker's margin. The implied probabilities sum to 100%.
O
Odds Compiler / Trader: a person at a bookmaker who sets and adjusts prices. AU bookmakers' trading teams handle this.
Off the Board: a market that's been suspended or removed from the bookmaker's offering, typically due to news or sharp action.
Over / Under: betting that the total in a market will be over or under a specific line. Common in totals markets like EPL goals or NBA points.
Overround: see Book Percentage.
P
Palpable Error / Palp: a bookmaker's terms reserve the right to void bets placed on prices the bookmaker considers incorrect. AU bookmakers exercise this regularly.
Parlay: see Multi.
Power Rating: a numerical estimate of team strength used by bookmaker pricing models.
Premium Charge: Betfair Exchange's surcharge on consistently profitable customers. Up to 60% of weekly net profits. See the Betfair commission piece.
Profit & Loss (P&L): the realised gains or losses from your betting activity.
Prop Bet / Player Prop: a bet on a specific player statistic (e.g. AFL disposals, NRL run metres, NBA points) rather than on team outcomes.
Push: a bet that lands exactly on the line, resulting in stakes refunded. Not possible with .5 lines.
Q
Quarter Kelly: a fractional Kelly sizing method using 25% of full Kelly. Common practical default for AU advantage bettors.
R
Rebound: NBA prop market on a player's total rebounds in a match.
Restricted Account: see Gubbed.
Reverse Line Movement: when a betting line moves against the public-money flow, indicating sharp money is on the less-popular side.
ROI (Return on Investment): realised profit as a percentage of total amount staked.
S
Same-Game Multi (SGM): a multi-leg bet combining outcomes from a single match. AU bookmakers price SGMs with high effective vig (25-35%).
Sharp: a sophisticated bettor with edge against bookmaker prices. Often a target for bookmaker restrictions.
Short Odds: low-decimal odds reflecting high implied probability — typically below $1.50. Shorter prices return less per dollar staked.
Single: a bet on one outcome only, not combined with others. Usually better value than multis.
Spread: see Line.
Stake: the amount of money you bet on a selection.
Steam / Steam Move: a market shift where multiple bookmakers move the same line in the same direction within a short window, indicating sharp money. See the steam moves explainer.
Surebet: see Arbitrage.
T
Three-Way Market: a market with three possible outcomes (home, draw, away). Common in soccer.
Tipster: a person who sells betting tips. The AU tipster industry has reliability problems. See the tipster piece.
Total / Totals: betting on the combined score in a match. Most common is over/under 2.5 goals in soccer.
Tote / Pari-Mutuel: betting where prices are determined by the pool of total bets after takeout. AU horse racing TAB pools operate this way.
Treble: a multi-bet with three legs.
True Odds: see No-Vig Odds.
Turnover: the total amount of money you've staked. Sometimes used by bookmakers as a metric for promotional eligibility or restriction triggers.
Two-Way Market: a market with two possible outcomes (e.g. NRL H2H without a draw option).
U
Underdog / Outsider: the team or selection priced longer than 50% implied probability — the bookmaker's expected loser.
Unit: the standard bet size in your sizing system, often expressed as a percentage of bankroll. "1 unit = 1% of bankroll" is a common configuration.
V
Value / Value Bet: a bet where the offered odds exceed the true probability of the outcome — i.e. positive expected value.
Vig / Vigorish / Juice / Margin: the bookmaker's margin built into prices. Calculated as book percentage minus 100%. See the vig explainer.
VPN: a virtual private network. Using VPNs to access offshore bookmakers from Australia violates AU regulations and bookmaker terms. Not recommended.
W
Welcome Offer: the introductory promotional bonus offered by AU bookmakers to new customers. Typically a deposit match or first-bet refund.
Win Probability: see Implied Probability and True Probability.
Y
Yield: profit margin as a percentage of total staked. ROI per dollar of turnover.
Z
Zero Margin: a market with zero combined margin — rare and usually a transient pricing error rather than a sustained product offering.
Glossary FAQ
Where do these terms come from?
Most are global betting terminology adapted for AU usage. Some are AU-specific (e.g. Premiers Plate, A-League Championship, AU racing terminology). Some are advantage betting concepts (CLV, Kelly, de-vigging) used internationally.
Are there terms specific to AU bookmakers?
Yes. "Gubbing," "factor down," and "Premiers Plate" are common in AU contexts. "BSP" is global but particularly used in AU racing. "Money-back special" is the AU framing of bonus-back promotions.
How is AU betting terminology different from US betting terminology?
AU primarily uses decimal odds; US uses American odds (-110 vs +180). AU calls multis "multis"; US calls them "parlays." AU "money-back special" maps roughly to US "risk-free bet." AU "gubbing" maps to US "limiting." Most other terms are similar.
Where can I learn more about advantage betting concepts?
See the guides for structured reference material on arbitrage, +EV, CLV, Kelly sizing, and gubbing avoidance. The blog covers more conversational and case-study material.
About the author
Daniel Pham
Quantitative Strategy Lead
Daniel writes about the maths underneath advantage betting — expected value, Kelly sizing, closing line value, bankroll theory. Translates the theoretical side into practical decisions AU punters can actually apply.
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